Prevent Fraud with Positive Pay from Piracle.
Protect your assets with Piracle's safe payment practices.
Check fraud is big business: e combined losses associated with check fraud reported via fi nancial institutions, the F.B.I., and local authorities are estimated to be in the billions. Because banks process more than 60 billion checks annually, payment fraud is extremely di cult to detect, at least before the check is paid and your bank account is compromised. Users of Piracle software and supplies who follow our Safe Payment Practices™ can provide themselves the best possible protection against losses associated with check fraud. That's where Positive Pay comes in.
Check Fraud: Payment Process Enemy Number One
Each year, criminals out-smart technology in new and innovative ways—and contrary to the typical stereotype of a bank robber, the person who is committing fraud on your company is someone you employ, do business with, or even someone who has just heard of your company and knows a few things about you, like when you run payroll.
Sarbanes-Oxley Compliant
Te new check data encryption assists in complying with Sarbanes-Oxley and offers the security that customers have come to expect from PIRACLE products.
Common tactics employed by check fraud artists include:
- Forging blank checks, stolen from stored supplies of pre-printed forms.
- Duplicating or photocopying valid checks, and then altering the payment data.
- Copying bank account and routing numbers in order to create counterfeit checks.
- Targeting payroll accounts for unauthorized withdrawals, made simpler because of the predictability of the deposits and the volume.
When following our Safe Payment Practices, you are protected against forgery, theft and alteration. No one can protect you entirely against check fraud, including your bank. But together, you and your bank can be your fi rst line of defense in ensuring the integrity of your assets. Piracle combines Positive Pay with our encryption process, the exclusive Trace-A-Check® microprint tracking line, and our security enabled blank check stock to protect against unauthorized checking transactions.
Piracle's Safe Payment Practices™
- Implement Piracle Payment Management Software
- Include Piracle Positive Pay module
- Establish banking relationship which includes positive pay (your bank may already provide this service)
- Incorporate Piracle Safe Payment Practices
Positive Pay will protect you against forgery, theft, and alteration:
- Positive Pay is the ONLY payment process that insures checks you didn't write don't get cashed by your bank. A data fi le sent to your bank is matched to the actual checks coming through on your account-and only checks that you have printed, for the correct amount, are processed.
- Digitally-encrypted data files, signatures and logos cannot be used by anyone for anything except by the authorized user and with the designated Piracle system.
- Trace-A-Check®, a feature exclusive to Create-A-Check®, encodes the check amount, user login, system identifi cation number, date and time on the face of the check in barely-visible microprint, for fool-proof audits of checks.
- Multi-level password protection requires proper authorization to not only access the system, but again to perform any print or reporting functions.
- Password protection is FULLY customizable by the system administrator to designate accounts, logos, signatories, amounts, and activities for each user you assign access.
- Security-enabled blank check stock includes advanced security features such as heat sensitive ink, warning bands, watermarks, void pantograph, prismatic printing, and more.
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